In a recent online survey of 1,785 women, almost half say that breaking off a marriage brought financial surprises. The survey included women who had finalized their divorces, as well as some who said divorce was on the horizon or who were in the process of working out final paperwork. The surprises these women tend to experience may be worth considering for Ontario women looking to terminate their marriages.
Women who are less involved in marital finances may underestimate the shared debt involved in their union. This can include car loans, the mortgage, credit card debt and even student loans. On top of sharing this debt, some women are surprised by a lower amount of spousal support, or child support than they were expecting.
The lifestyle changes that come with divorce can catch some women off-guard. For example, stay-at-home mothers may find themselves needing to return to work in order to support a household on their own. They may also be surprised by the cost of certain things, such as rent, bills or the divorce itself at first. Coming up with a clear budget and defining the cost of living is a good idea for newly single women.
Divorce often requires women and men alike to restructure their financial lives. For women who are no longer in the workforce or who are uninvolved in marital finances, this can be a particularly difficult transition. Speaking to an Ontario lawyer to clarify issues like property division and alimony, also known as spousal support, is a good first step. Additionally, educating oneself on economic issues like investments and debt repayment is also a good idea.